I. Felder Co. incurred the following costs for June 2018: Beginning direct materials inventory $27,000 Beginning...
| I. Felder Co. incurred the following costs for June 2018: | |
| Beginning direct materials inventory | $27,000 |
| Beginning finished goods inventory | 26,000 |
| Beginning work in process inventory | 8,000 |
| Depreciation on factory building | 22,000 |
| Direct labor | 211,000 |
| Direct material purchases | 193,000 |
| Ending direct materials inventory | 16,000 |
| Ending finished goods | 35,000 |
| Ending work in process | 15,000 |
| Factory supervisor's salary | 46,000 |
| Repairs of factory building | 7,000 |
| Sales | 750,000 |
| Selling and administrative expenses | 130,000 |
| Utilities in factory | 14,000 |
| Assume an income tax rate of 40 percent. | 40% |
| Required: | |
| Calculate the following values for Felder Co.: | |
| a. Direct materials used | |
| b. Manufacturing overhead | |
| c. Cost of goods manufactured | |
| d. Cost of goods sold | |
| e. Net operating income | |
| f. Prime costs | |
| g. Conversion costs | |
| h. After-tax net income | |
Homework Answers
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I. Felder Co. incurred the following costs for June 2018:
Beginning direct materials inventory
$27,000
Beginning...
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental...
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 13,400 16,000 7,700 32,250 23,600 20,900 26, 200 5,500 10,500 9,700 28,500 2,100 4,700...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,115,000 36,000 51,600 67,500 158,200 235,000 22, 200 45,000 5,250 57,000 90,000 141,000 48,300 42,400 74,500 DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended...
The following data relates to the Sunshine Company: Direct Materials Inventory, Beginning Direct Materials Inventory, Ending...
The following data relates to the Sunshine Company: Direct Materials Inventory, Beginning Direct Materials Inventory, Ending Direct Materials Purchases Direct Labor Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Factory overhead Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending $ 40 50 210 350 100 95 153 65 80 Required: (a) Compute the direct materials used during the year. (b) Compute the cost of goods manufactured during the year. (c) Compute the cost of goods sold during the year.
The following costs were incurred by Texman Company: $ 950,000 Direct labor Direct material purchases 645,000...
The following costs were incurred by Texman Company: $ 950,000 Direct labor Direct material purchases 645,000 55,000 Depreciation on plant Factory supervisor's salary 98,000 26,000 Plant maintenance Plant utilities 30,000 2,555,000 Sales 480,000 72,000 54,000 Selling and administrative expenses Beginning direct materials inventory Beginning work-in-process inventory Beginning finished goods inventory Ending direct materials inventory Ending work-in-process inventory Ending finished goods inventory 75,000 68,000 51,000 88,000 Required: Calculate the following values: Direct materials used Cost of goods manufactured Cost of goods...
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental...
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $13,000 16,880 10,600 34,750 21,000 20.600 22,900 7.620 9,150 13,600 28,500 2,200 5.900 44,500 60,...
1. Three costs in every product are direct materials, direct labor, and period costs direct materials,...
1. Three costs in every product are direct materials, direct labor, and period costs direct materials, work in process, and manufacturing overhead direct materials, direct labor, and manufacturing overhead direct materials, work in progress, and finished goods 2. What is the journal entry for under applied overhead? Manufacturing overhead Finished Goods Inventory Finished Goods Inventory Manufacturing Overhead Manufacturing overhead Cost of goods sold Cost of goods sold Manufacturing overhead 3. Use a piece of scrap paper...
The following data is provided for Garcon Company and Pepper Company. Beginning finished goods inventory Beginning...
The following data is provided for Garcon Company and Pepper Company. Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 13,400 16,000 7,700...
cises i Saved The following balances are from the accounts of Tappan Parts: Direct materials inventory...
cises i Saved The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,999 32,789 5,500 December 31 (Ending) $ 25,400 28,600 7,100 Direct materials used during the year amount to $46,000 and the cost of goods sold for the year was $52,700. Required: Prepare a cost of goods sold statement TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process Inventory Manufacturing...
$ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw...
$ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,892,000 37,000 54,300 64,100 151,800 248,000 20,900 49,000 5,250 52,000 90,000 134,000 46,300 45,100 69,280 Prepare its schedule of cost of goods manufactured for the current year...
FY16 Factory Rent $330,000 Direct Materials Inventory, Beginning 96,000 Direct Materials Inventory, Ending 87,000 Direct...
FY16 Factory Rent $330,000 Direct Materials Inventory, Beginning 96,000 Direct Materials Inventory, Ending 87,000 Direct Materials Purchases 654,000 Direct Labor-Wages 425,000 Indirect Labor-Wages 28,000 Finished Goods Inventory, Beginning 25,000 Finished Goods Inventory, Ending 44,000 Indirect Materials 66,000 Plant Utilities 40,000 General and Administrative 101,350 Work-in-Process Inventory, Beginning 27,000 Work-in-Process Inventory, Ending 33,000 Marketing Expenses 225,000 Sales Revenue 2,550,000 A. Prepare a statement of cost of goods manufactured and an income statement for the year ended December 31, 2016. B....
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 13,400 16,000 7,700 32,250 23,600 20,900 26, 200 5,500 10,500 9,700 28,500 2,100 4,700...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,115,000 36,000 51,600 67,500 158,200 235,000 22, 200 45,000 5,250 57,000 90,000 141,000 48,300 42,400 74,500 DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended...
The following data relates to the Sunshine Company: Direct Materials Inventory, Beginning Direct Materials Inventory, Ending Direct Materials Purchases Direct Labor Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Factory overhead Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending $ 40 50 210 350 100 95 153 65 80 Required: (a) Compute the direct materials used during the year. (b) Compute the cost of goods manufactured during the year. (c) Compute the cost of goods sold during the year.
The following costs were incurred by Texman Company: $ 950,000 Direct labor Direct material purchases 645,000 55,000 Depreciation on plant Factory supervisor's salary 98,000 26,000 Plant maintenance Plant utilities 30,000 2,555,000 Sales 480,000 72,000 54,000 Selling and administrative expenses Beginning direct materials inventory Beginning work-in-process inventory Beginning finished goods inventory Ending direct materials inventory Ending work-in-process inventory Ending finished goods inventory 75,000 68,000 51,000 88,000 Required: Calculate the following values: Direct materials used Cost of goods manufactured Cost of goods...
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $13,000 16,880 10,600 34,750 21,000 20.600 22,900 7.620 9,150 13,600 28,500 2,200 5.900 44,500 60,...
The following data is provided for Garcon Company and Pepper Company. Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 13,400 16,000 7,700...
cises i Saved The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,999 32,789 5,500 December 31 (Ending) $ 25,400 28,600 7,100 Direct materials used during the year amount to $46,000 and the cost of goods sold for the year was $52,700. Required: Prepare a cost of goods sold statement TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process Inventory Manufacturing...
$ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,892,000 37,000 54,300 64,100 151,800 248,000 20,900 49,000 5,250 52,000 90,000 134,000 46,300 45,100 69,280 Prepare its schedule of cost of goods manufactured for the current year...
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